CHEVALIER & SCIALES
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© 2010 Chevalier & Sciales
Comparison table of Luxembourg investment vehicles
The purpose of this comparison table is to set out the different investment vehicles (regulated, lightly regulated as well as unregulated vehicles) that
Luxembourg offers to foreign promoters and investors.
Unregulated
Lightly regulated
Regulated
Soparfi
Securitization
vehicle
SPF (private
wealth
management
company)
SIF (specialized
investment fund)
SICAR (risk capital
investment company)
UCITS (part I of
the Law of 2002)
UCI (part II of the
Law of 2002)
Supervision
by the CSSF
No
No
(unless
continuous issue of
securities
to
the
public -
interpreted
as 4 or more issues
yearly)
No
Yes (light supervision)
Yes (light supervision)
Yes (incorporation
is
only
allowed
after obtaining the
prior approval of
the CSSF)
Yes (incorporation is
only allowed after
obtaining the prior
approval
of
the
CSSF)
Eligible assets
Unrestricted
Securitization of any
kind of risky assets
(securities,
real
estate, etc.) or risks
Only
the
acquisition,
detention,
management and
disposal
of
financial assets
(no commercial
activity or
real
estate activity)
Unrestricted (any type of
assets can be integrated
or
any
type
of
investment
strategies
may be pursued)
Investments in venture
capital and private equity
(any direct or indirect
investments to entities in
view of their launch, their
development or listing on
a stock exchange). No
direct investments in real
estate are permitted.
Restricted but has
been broadened by
the eligible assets
directive
2007/16/EC.
Eligible:
Transferable
securities;
Money
market
instruments;
Bank deposits;
UCITS funds;
Other
UCIs
eligible up to 30%
;
Financial
derivative
instruments;
Ancillary
liquid
assets eligible up
to 49% according
to
market
practice;
Unrestricted (subject
to
CSSF
prior
approval
and
application of
the
principle
of
risk
spr